All Forum Posts by: Brian Pleshek

A face to face discussion with a mortgage broker might be a better way to go.  Just chat with him or her about what you're trying to do.  But i'll have to agree with the others that this is probably not going to happen on this deal.  Also, since you mention in your email about "eventually" renting it out, he might be thinking that this is going to be a non-owner occupied property from the get go and may alter the terms of the any deal he could give you.  I'm not saying at all to try to mislead anyone.  That would be wrong.  What is important is your intent on the property not what may or may not happen in the future.  If you INTEND to live there for 6 months and rent it out, then you basically intend this to be a rental.  But if you INTEND to live there for awhile and maybe, eventually(perhaps years from now) might turn it into a rental, that might be a different story.  Non-owner occupied mortgages will cost more and some institutions may not do them for you.  Just make sure you distinguish intent vs wish in your mind and do the honorable thing.

Brian

So @Tristam Griffith, are you saying that we should avoid anyone doing wholesaling in Ohio or just ones who are not also licensed brokers ?

Great post @Brett Snodgrass and @Charlie Brown. I'm saving this page for future use.

Brian

There may be more hassle managing at a distance, but I would think you would lower your risk by spreading it among multiple properties.  If you get one property and it goes unrented, then your entire investment is earning nothing.  If you're able to with the same investment gain four properties, it is unlikely that all of them would be unperforming at the same time.  Hence, your risk is reduced by spreading it out.

Brian

I also need to cash out refi a paid off rental so I can do more deals.  I'll contact @Sean Richway as well.  Thank you @Matt Motil.

Brian

@Patricia Paris I wouldn't be surprised if they were making it up.

Thanks @David Krulac.  That's good to know.  I'm in one of those areas, so that is fortunate.

Brian

Welcome @Michelle Tucker.  I'm from Cincinnati here.  As to your question about getting hubby on board, perhaps the best way is to start with dreams and goals.  Maybe your dream/goal is to take a trip to China for a month.  Well most people don't have a month to take off for work.  But if you can be financially independent, then we can work anytime we want rather than be tied to a company.  Well how can we get there?  Start talking about real estate and the returns and the passive nature of rental property or notes or whatever.

Brian

what @Greg S says is what I was getting at.  Turnkey might cost more than a deal you work. But being remote means it's harder to oversee work being done. 

@Chris Thomas Are you planning on buying in the San Francisco area?  That's quite pricy and maybe a different answer than if you were in my area.  You see, I can buy a house here cheaper than you have a remaining balance on your car.  It's not a great house and not in a great area, but you can still do it.  You might consider selling that thing and buying one with a smaller debt amount.  But if you're planning on buying in your area, then houses are extremely 4-10x the prices here.  The median price of a house in Cincinnati is $159k compared to San Francisco.

http://www.zillow.com/san-francisco-ca/home-values...

http://www.bizjournals.com/cincinnati/news/2015/01...

Personally, I'd want to be out of all consumer and car debt before playing here, but that's just me.

Brian